The 30th Busan International Film Festival wrapped its 10-day run with record attendances, but beneath the star-studded red carpets and celebratory atmosphere, the landmark edition spotlighted an industry in transition. From the crisis facing Korean cinema to the festival’s competitive transformation, here are the five key takeaways that emerged from BIFF 2025.
Korean Cinema’s Crisis Was the Headline
Far from being whispered about in corridors, Korean cinema’s crisis was front and center throughout BIFF, with industry leaders using the platform to openly diagnose challenges and seek solutions. According to Korean Film Council figures, the Korean box office took in around $293 million in the first half of 2025, a drop of 33% year-on-year, with admissions falling by roughly the same margin. August saw a revival of sorts before the onset of fall witnessed more stagnation. A dearth of domestic blockbusters, rising competition from streaming platforms and consumer belt-tightening are drivers of the slump, which threatens to upend one of Asia’s most dynamic theatrical markets. The industry is currently confronting an existential threat to its once-thriving theatrical culture.
Opening film director Park Chan-wook told Variety: “I think that it’s not so much the crisis of cinema. It’s a crisis of the movie theaters. But I also think, in turn, the crisis of the movie theaters is actually, in fact, the crisis of cinema.”
During a Winston Baker panel at the Busan market, Jerry Ko of CJ ENM spoke about the challenges facing Korean cinema, noting that “the marketing environment has changed significantly” and that “the blockbuster model that led Korea’s high growth in the 2010s no longer works the same way.” He explained that marketing channels have fragmented and shifted from traditional TV and broadcasting to Instagram, social media, and YouTube, making it “difficult for blockbuster films to spread information to many people.” Ko also discussed financing challenges, stating that “capital markets have generally stagnated” and “financing investors have become increasingly hesitant to invest.”
Festival chair Park Kwang-su acknowledged the severity during an India-Korea event, stating: “At present, the Korean film industry is going through a very challenging time.”
One of the solutions appears to be co-productions, with major Korean companies like CJ ENM and Hive deepening ties with the vibrant Indonesian market. At the same India-Korea event, Busan market chief Ellen Y.D. Kim said, “We look forward to Indian cinema, Korea, and all of Asia working together more closely to create new stories for the future.”
Netflix and Hollywood Agencies Stake Asian Territory
Netflix made its strongest play yet for Asian dominance at Busan, delivering its most high-profile slate ever to the festival. The streaming giant partnered with BIFF to present Creative Asia 2025, a day-long industry summit featuring masterclasses from Guillermo del Toro, Korean genre master Yeon Sang-ho, and “Kpop Demon Hunters” creator Maggie Kang.
Beyond the summit programming, Netflix had a nine-title slate at the festival including Noah Baumbach’s “Jay Kelly,” Guillermo del Toro’s “Frankenstein,” Kathryn Bigelow’s thriller “A House of Dynamite,” and Byun Sung-hyun’s “Good News.”
UTA made its most ambitious Asian expansion push yet, with senior partner David Park unveiling the agency’s multi-territory strategy. “Our plans for Asia are ambitious,” Park told Variety ahead of UTA’s annual BIFF party. “We’re thinking about Asia not just in terms of what business we can bring to the U.S., but how can we expand our global footprint working with great artists already in Asia.”
UTA’s strategy centers on Korea as its priority, with Japan close behind, extending into Philippines, Vietnam, India and Indonesia through music and cross-medium talent. The agency aims to become “a true partner to multi-hyphenates all across the region,” moving beyond traditional representation to encompass music, brand partnerships and corporate consulting.
The Motion Picture Association ran its Bridge to Hollywood workshop through the Chanel X BIFF Asian Film Academy, with “Rio” director Carlos Saldanha serving as a judge, reflecting growing American interest in developing Asian talent pipelines.
Market Navigates Calendar Challenges
BIFF’s move from its traditional October slot to Sep. 17-26, necessitated by the Korean fall holiday Chuseok falling during the festival’s usual dates, created logistical challenges across the international festival ecosystem.
The new dates meant BIFF followed closely after Toronto and overlapped with San Sebastián. Most notably affected was the European Film Promotion delegation, which could only field 18 companies for the traditional EUROPE! umbrella stand at the Asian Contents & Film Market, compared to the usual 30, as several European sales companies cited calendar conflicts and proximity to San Sebastián.
Yet ACFM still achieved record-breaking numbers with 30,006 participants, a 13.5% increase from 2024. Market badges reached 3,024 participants from 54 countries, representing a 14.3% increase. Ellen Y.D. Kim, head of ACFM, told Variety that ACFM is “evolving beyond a mere transactional venue into a dynamic crossroads where creators, investors, and platforms converge to spark new opportunities reflecting Asia’s content landscape.”
The compressed European presence was offset by strengthened Asian regional participation, with India establishing its first-ever pavilion at the market through the WAVES Bazaar – Bharat Pavilion, while Indonesia has had a growing presence at ACFM in recent years.
Competition Section Marks Historic Transformation
BIFF’s launch of its first-ever competition section represents the festival’s most dramatic transformation since its 1996 inception. Festival director Jung Hanseok merged the longstanding New Currents and Kim Jiseok programs to create a more impactful platform exclusively for Asian cinema, with 14 films competing for five categories of the new Busan Award.
“I came to realize that our two representative sections, New Currents and the Jiseok section, had reached their limits in terms of influence,” Jung explained to Variety. The competition jury, chaired by “The Chaser” director Na Hong-jin and comprising Tony Leung Ka-fai, Nandita Das, Marziyeh Meshkiny, Kogonada, Yulia Evina Bhara, and Han Hyo-joo, elevated the section’s profile significantly.
Award trophies designed by Palme d’Or winner Apichatpong Weerasethakul added artistic gravitas to the proceedings. The grand prize winner’s selection as the closing film marked another break from tradition, with the competition photocall ceremonies at Busan Cinema Center attracting substantial audiences and establishing the new format as a tentpole event.
Star Power Returns in Full Force
BIFF 2025 delivered spectacular guest lineups, achieving record attendance of 238,697 — an increase of approximately 20,000 from the previous year. From special guest Lisa of Blackpink to Michael Mann, Marco Bellocchio, Guillermo del Toro, Sean Baker, Juliette Binoche, Nishijima Hidetoshi, Kim Minha and Tony Leung Ka-fai the festival attracted an unparalleled roster of talent.
The festival’s competition section delivered notable wins, with Zhang Lu’s “Gloaming in Luomu” taking best film honors and Taiwanese actor Shu Qi winning best director for her directorial debut “Girl.” Shu Qi was pulling double duty at the festival, also starring in Netflix’s “The Resurrected.”
The opening ceremony red carpet buzzed with energy as Lee Byung-hun, star of the opening film “No Other Choice” and fresh from “Squid Game” global success, served as host. The festival welcomed distinguished award recipients including Jafar Panahi (Asian Filmmaker of the Year), Sylvia Chang (Camellia Award), and Chung Ji-young (Korean Cinema Award).
Guillermo Del Toro’s appearance alongside actor Shin Yeeun particularly delighted audiences and generated significant social media attention. The festival’s 323 guest visit sessions across 67 events created numerous opportunities for audience interaction.
Master classes with Mann and Kogonada drew capacity crowds, while the Actors’ House program featuring Lee Byung-hun, Son Ye-jin, and Ninomiya Kazunari proved particularly popular. The robust programming helped BIFF achieve its highest attendance in recent years, reinforcing the festival’s position as a crucial launchpad for Asian cinema even as the Korean industry grapples with unprecedented challenges.
